covenant not to compete

covenant not to compete

n. a common provision in a contract for sale of a business in which the seller agrees not to compete in the same business for a period of years or in the geographic area. This covenant is usually allocated (given) a value in the sales price. (See: covenant)

However, unethical treatment of employees, non-compete clauses in the employment contracts and the failure to provide the promised benefits often result in employees reluctance to taking up the employment in various companies.

For Areva NP's core products and services (nuclear islands, nuclear services and fuel assemblies), it concluded that the non-compete clause could be accepted in principle but that its duration was excessive.

A former product manager at a Merrimack chemical firm violated his non-compete clause by quitting and working for a Manchester competitor, according to a suit filed last week in federal District Court in Concord.

RDF, which produces hit shows including Location, Location, Location and the controversial documentary A Year With The Queen, claims Mr Clements signed a non-compete clause which prevented him taking up the job with SMG until December 2008.

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